Caseware UK (AP4) 2023.0.135 2023.0.135 2023-05-312023-05-31false2022-06-01truecommunity pharmacy44falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04210745 2022-06-01 2023-05-31 04210745 2021-06-01 2022-05-31 04210745 2023-05-31 04210745 2022-05-31 04210745 c:Director3 2022-06-01 2023-05-31 04210745 d:FurnitureFittings 2023-05-31 04210745 d:FurnitureFittings 2022-05-31 04210745 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 04210745 d:OfficeEquipment 2022-06-01 2023-05-31 04210745 d:Goodwill 2022-06-01 2023-05-31 04210745 d:Goodwill 2023-05-31 04210745 d:Goodwill 2022-05-31 04210745 d:CurrentFinancialInstruments 2023-05-31 04210745 d:CurrentFinancialInstruments 2022-05-31 04210745 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 04210745 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 04210745 d:ShareCapital 2023-05-31 04210745 d:ShareCapital 2022-05-31 04210745 d:RetainedEarningsAccumulatedLosses 2023-05-31 04210745 d:RetainedEarningsAccumulatedLosses 2022-05-31 04210745 c:FRS102 2022-06-01 2023-05-31 04210745 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 04210745 c:FullAccounts 2022-06-01 2023-05-31 04210745 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 04210745 e:PoundSterling 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Registered number: 04210745










FRIENDS PHARMACY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2023

 
FRIENDS PHARMACY LIMITED
REGISTERED NUMBER: 04210745

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
7,819
9,199

  
7,819
9,199

Current assets
  

Stocks
  
37,996
37,251

Debtors: amounts falling due within one year
 6 
99,182
226,334

Cash at bank and in hand
  
306,777
195,256

  
443,955
458,841

Creditors: amounts falling due within one year
 7 
(155,891)
(363,850)

Net current assets
  
 
 
288,064
 
 
94,991

Total assets less current liabilities
  
295,883
104,190

Provisions for liabilities
  

Deferred tax
  
(1,486)
(1,748)

  
 
 
(1,486)
 
 
(1,748)

Net assets
  
294,397
102,442


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
294,297
102,342

  
294,397
102,442


Page 1

 
FRIENDS PHARMACY LIMITED
REGISTERED NUMBER: 04210745
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 February 2024.


Mr Hemal Patel
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
FRIENDS PHARMACY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

Friends Pharmacy Limited is a private company, limited by share capital, incorporated in England and Wales under registration number: 04210745. The address of registered office is 46 Lower Clapton Road, London, E5 0RN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
FRIENDS PHARMACY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
FRIENDS PHARMACY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
FRIENDS PHARMACY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).


4.


Intangible assets




Goodwill

£



Cost


At 1 June 2022
227,000



At 31 May 2023

227,000



Amortisation


At 1 June 2022
227,000



At 31 May 2023

227,000



Net book value



At 31 May 2023
-



At 31 May 2022
-



Page 6

 
FRIENDS PHARMACY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

5.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 June 2022
58,850



At 31 May 2023

58,850



Depreciation


At 1 June 2022
49,651


Charge for the year on owned assets
1,380



At 31 May 2023

51,031



Net book value



At 31 May 2023
7,819



At 31 May 2022
9,199


6.


Debtors

2023
2022
£
£


Trade debtors
73,249
63,517

Rent deposit
5,250
5,250

Prepayments and accrued income
8,847
3,803

Section 458 tax repayable
-
140,722

VAT repayable
11,836
13,042

99,182
226,334


Page 7

 
FRIENDS PHARMACY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
78,907
94,877

Other creditors
-
218,385

Corporation tax
67,030
45,207

Other taxation and social security
810
839

Pension
245
286

Director's loan account
8,899
4,108

Accruals and deferred income
-
148

155,891
363,850



8.


Controlling party

The company is a wholly-owned subsidiary of Medistore Limited, a company incorporated and trading in United Kingdom.

 
Page 8